Xiaomi Group Reports Strong Revenue Growth in Q2 2024
Beijing (Gasgoo)- Xiaomi Group recently announced its financial results for the second quarter of 2024, showcasing impressive growth in revenue. The company reported a revenue of 88.9 billion yuan, marking a 32% increase compared to the same period last year. Additionally, Xiaomi’s adjusted net profit reached 6.2 billion yuan, reflecting a 20.1% growth from the previous year, with cash reserves totaling 141 billion yuan.
Xiaomi SU7; photo credit: Xiaomi
Xiaomi’s innovative business segment, which includes smart electric vehicles, contributed significantly to the overall revenue, generating 6.4 billion yuan in Q2 2024. This segment accounted for 7.2% of the group’s total revenue, with operating expenses amounting to 2.9 billion yuan. Notably, Xiaomi EV sold 27,000 vehicles during the quarter, with an average selling price of 228,600 yuan per car.
Despite the strong sales performance, Xiaomi’s automotive division reported an adjusted net loss of 1.8 billion yuan in Q2. Company President Lu Weibing attributed the losses to the current small scale of operations and emphasized the importance of achieving economies of scale to drive future profitability. Additionally, the high initial costs associated with Xiaomi’s first electric sedan have impacted the division’s financial performance.
In Q2 2024, Xiaomi’s innovative businesses, including smart electric vehicles, achieved a positive gross margin of 15.4%, indicating the potential for future profitability within this segment.
Looking ahead, Xiaomi EV is focused on expanding production capacity to meet growing market demand. The company aims to deliver 100,000 units of the SU7 electric sedan series by November 2024 and targets an annual delivery volume of 120,000 units by the end of the year.
